The Dutch securitisation market remained very active in 2007 and still reflected the conditions of the late pre-crisis period. Issuers were able to come to market across a wide range of shelves, investors were still receptive to mortgage-backed product, and programme-based issuance had clearly become part of mainstream funding architecture. The breadth of visible issuance is striking. Alongside core RMBS activity, the market also supported SME ABS, CMBS and other structured formats.
What stands out most is the number of recognised programme families already in use. Obvion’s Storm shelf was active, as were Hermes, Arena, Strong and a series of ABN AMRO master issuer programmes such as Goldfish, Beluga and Dolphin. The Dutch market at this stage looked broad, repeatable and highly integrated into international structured finance conditions. That was a strength while liquidity remained abundant, but it also left the market exposed to the broader dislocation that began to emerge later in the year.
The year-end picture is therefore one of scale and sophistication, but also of a market close to a turning point. Dutch securitisation had clearly reached institutional maturity, yet the environment supporting it was beginning to weaken.
2007 transaction list
07-02-2007 | Obvion N.V. | STORM | STORM 2007-I B.V. | Residential Mortgages 22-02-2007 | ABN AMRO / SME platform | SMILE | SMILE Securitisation Company 2007 B.V. | ABS 23-03-2007 | ASN Bank N.V. | HERMES | Holland Mortgage Backed Series (Hermes) XIII B.V. | Residential Mortgages 26-03-2007 | ABN AMRO-related | Amstel Corporate Loan Offering | Amstel Corporate Loan Offering 2007-1 B.V. | Structured Finance 29-03-2007 | Finqus | Chapel | Chapel 2007 B.V. | ABS 18-04-2007 | Vesteda | Vesteda Residential Funding | Vesteda Residential Funding II B.V. | Structured Finance 01-05-2007 | ABN AMRO-related | Amstel Securitisation of Highgrade Exposures | Amstel Securitisation of Highgrade Exposures 2007-1 B.V. | Structured Finance 30-05-2007 | Van Lanschot Bankiers N.V. | Citadel | Citadel 2007 B.V. | Residential Mortgages 05-06-2007 | Friesland Bank N.V. | Stichting Eleven Cities | Stichting Eleven Cities No. 3 | Residential Mortgages 05-06-2007 | ASN Bank N.V. | Pearl | PEARL Mortgage Backed Securities 2 B.V. | Residential Mortgages 14-06-2007 | ABN AMRO Bank N.V. | Goldfish Master Issuer | Goldfish Master Issuer B.V. | Residential Mortgages 15-06-2007 | ABN AMRO-related | Amstel Securitisation of Contingent Obligations | Amstel Securitisation of Contingent Obligations 2006-I B.V. | Structured Finance 27-06-2007 | Skyline | Skyline | Skyline 2007 B.V. | CMBS 25-07-2007 | DBV levensverzekeringsmaatschappij | Holland Homes | Stichting Holland Homes Oranje II | Residential Mortgages 23-08-2007 | ABN AMRO Bank N.V. | Beluga Master Issuer | Beluga Master Issuer B.V. | Residential Mortgages 29-08-2007 | Unknown / programme platform | European Mortgage Securities VII | European Mortgage Securities VII B.V. | Residential Mortgages 24-09-2007 | NIBC Bank N.V. | SOUND | Sound II B.V. | Residential Mortgages 25-09-2007 | ABN AMRO Bank N.V. | Dolphin Master Issuer | Dolphin Master Issuer B.V. | Residential Mortgages 26-09-2007 | ASN Bank N.V. | HERMES | Holland Mortgage Backed Series (Hermes) XIV B.V. | Residential Mortgages 03-12-2007 | Delta Lloyd N.V. | Arena | Arena 2007-I B.V. | Residential Mortgages 13-12-2007 | Obvion N.V. | STRONG | Strong 2007 B.V. | Residential Mortgages 17-12-2007 | Obvion N.V. | STORM | STORM 2007-II B.V. | Residential Mortgages 18-12-2007 | Rabobank | Best | Best 2007 B.V. | Residential Mortgages 19-12-2007 | Finqus | Convent | Convent 2007-I B.V. | Residential Mortgages